Inside the Star

Donald Trump takes control of Atlantic City casinos, again

Donald Trump, right, and an affiliate of lender Beal Bank Nevada agreed to invest $100 million (U.S.) in bankrupt Trump Entertainment Resorts Inc. and buy out of bankruptcy the casino company that he founded.

Donald Trump, right, and an affiliate of lender Beal Bank Nevada agreed to invest $100 million (U.S.) in bankrupt Trump Entertainment Resorts Inc. and buy out of bankruptcy the casino company that he founded.

Beal Bank agreed to restructure $486 million in secured debt to extend the maturity to December 2020 from 2012, Atlantic City-based Trump Entertainment said yesterday in a statement. Shareholders and holders of debt securities will receive nothing under the plan, which requires court approval.

"We're going to invest $100 million initially ... it will be a wonderful company after we intelligently spend money to fix it," Trump, 63, said. Trump Entertainment filed for Chapter 11 Feb. 17, days after Trump quit as chairman and said he was severing ties. This is the third trip to bankruptcy court for the firm's three Atlantic City casinos. At the time, it listed assets of $2.06 billion and debt of $1.74 billion, as of Dec. 31.

"My previous investment in the company was destroyed by excessive and restrictive debt," Trump noted in yesterday's statement.

More on thestar.com

We value respectful and thoughtful discussion. Readers are encouraged to flag comments that fail to meet the standards outlined in our
Community Code of Conduct.
For further information, including our legal guidelines, please see our full website
Terms and Conditions.